Peltz sells part of stake in State Street, WSJ reports

theflyonthewall.com

Activist investor Nelson Peltz's Trian Fund Management LP is backing away from State Street Corp.(STT) and has sold part of the stake it disclosed when he confronted the trust bank in October 2011, demanding a turnaround, sources say, reports the Wall Street Journal. The firm will keep a "meaningful" stake in State Street, a source said.

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